Sec 40 A(3)
This query is : Resolved
22 June 2009
In IT Reckoner (Taxmann), it is given that Sec 40 A(3) is also applicable in case of purchase of depreciable Fixed Assets. is it true? If yes, will the asset not be added to the block of asset ? or else what shall be the treatment ?
22 June 2009
Sec. 40A(3) is not applicable to depreciable fixed assets. IT Reckoner can not override the act. You might have observed that in N.V.Mehta's reckoner it was written to enclose the annexures with the return form and on that basis CIT at Mumbai has issued the instructions but later on the board has clarified the issue not to enclose the annexures.
23 June 2009
Not Applicable.
You must change the book you refer.
The author of the book is not the Finance Minister to bring such changes in law.
You must change the book you refer.
The author of the book is not the Finance Minister to bring such changes in law.
23 June 2009
Agree with Experts.
Sec. 40A(3) is not applicable to depreciable fixed assets.
Sec. 40A(3) is not applicable to depreciable fixed assets.
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